Amendment of section 54EB.
27. In section 54EB of the Income-tax Act, sub-section (3) shall be omitted.
Notes on Clauses:
Clause 27 of the Bill seeks to amend section 54EB of the Income-tax Act relating to capital gain on transfer of long-term capital assets not to be charged in certain cases.
It is proposed to omit sub-section (3) of the said section which is consequential due to the omission of section 88.
This amendment will take effect from 1st April, 2023.
